Shin Dong-hwa, Chairperson of Guri City Council, Expands 'Capital Gains Tax Reduction'... Adopted by Gyeonggi Province City and County Councils as Well

Proposal for Compensation for Land and Other Assets in Public Development Projects
Unanimous Adoption by the Gyeonggi Province City and County Council Chairpersons' Association
Just Compensation Is Essential for Special Sacrifices

Shin Dong-hwa, Chairperson of the Guri City Council in Gyeonggi Province, attended the 175th regular meeting of the Gyeonggi Province City and County Council Chairpersons' Association held at Sono Hu Yangpyeong on the 14th, where he proposed a "Resolution to Urge the Expansion of Capital Gains Tax Reduction on Compensation for Land and Other Assets in Public Development Projects."

Shin Dong-hwa, Chairman of the Guri City Council in Gyeonggi Province, attended the 175th regular meeting of the Gyeonggi Province City and County Council Chairpersons' Association held on the 14th at Sono Hyu Yangpyeong, where he proposed a resolution urging the expansion of capital gains tax reductions on land compensation related to public development projects. Provided by Guri City Council

This resolution calls for the amendment of the "Restriction of Special Taxation Act" to expand capital gains tax reductions in order to address the institutional loopholes and unfairness related to the state's compulsory acquisition of private property under the name of public interest and the obligation to pay higher capital gains tax than others due to acquisition prices set lower than surrounding areas.

Chairperson Shin emphasized, "The sacrifice of landowners who have been restricted in their property rights such as land transactions and utilization for a long time due to being designated as a development-restricted zone, and the compensation for that sacrifice amounting to capital gains tax equivalent to the full amount of land compensation, as seen in the unfortunate reality of the Guri City Topyeong 2 Public Housing District, is not an issue limited to yesterday, today, or Guri City alone, but a 'matter for all of us' that can happen anytime and anywhere in the future."

In response, the chairpersons of the Gyeonggi Province City and County Council Chairpersons' Association unanimously adopted the resolution, empathizing with the issue and agreeing to jointly respond beyond regional boundaries.

Chairperson Shin Dong-hwa has continuously expressed the need for fair land compensation and corresponding capital gains tax reductions for the successful development of the Topyeong 2 Public Housing District. On December 10th, he proposed a similar resolution at the Northern Gyeonggi City and County Council Chairpersons' Association meeting, which was also adopted unanimously, demonstrating ongoing efforts.

Chairperson Shin Dong-hwa stated, "Just compensation must be made for special sacrifices made for the public good," and added, "I will do my best to ensure that the system is promptly improved in solidarity with the chairpersons of the 31 cities and counties in Gyeonggi Province so that residents in public development areas no longer suffer from excessive capital gains taxes."